Pay rises faster than inflation for the first time in almost two years, while economic inactivity and vacancies continue to fall

The latest ONS data cover the period from April to June 2023 and show a labour market that continues to softening, with the employment rate decreasing, unemployment increasing, and economic inactivity and vacancies both falling.

However, real time Pay-As-You-Earn data for July 2023 showed that the number of payrolled employees increased by 97,000 to 30.2 million.